What will Brexit mean for you?

Negotiations on the UK's exit from the EU have officially begun and Brexit Secretary David Davis has said that he's entered talks in a "positive and constructive" frame of mind. The word is that we'll be out by March 2019, although EU politicians say we can't fully leave until 2022. But, as talks begin in Brussels, we still have lots of questions about how exactly Brexit will effect us personally. Below, political commentator Sonia Purnell has the answers...

“What does this all mean for the economy, and my job security?”

Britain’s announcement about leaving the EU sent economic shockwaves around the world – stock markets tumbled and experts warned of a self-inflicted ‘DIY’ recession. Since then, however, share prices have broadly recovered and confidence has returned, for now, but there’s still uncertainty about our economic prospects. What seems certain is that jobs will be lost, especially in high-paid sectors, such as the City, because employers will move some of their operations to the EU. Firms will pay far more for imports, ultimately pushing prices up in the shops, and uncertainty is expected to hit inward investment, neither of which is good news for jobs.

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“Will my house go down in value?”

Some EU nationals have decided to sell up here; others are no longer so keen to come to Britain. This falling-away of foreign interest is likely to affect only posher postcodes of London, however. Elsewhere, a big factor will be interest rates. The Bank of England reduced them to the historically low 0.25% after the referendum in a bid to galvanise the economy. If rates had to be raised significantly – perhaps because the government was struggling to borrow money, post-Brexit – house prices would almost certainly suffer and mortgages cost more.

“Will my EU friends have to leave the country?”

Immigration was cited as a key reason people voted Leave. Since then, EU nationals who have been here for five years and obtained a permanent resident’s card have been told they can stay. The fate of anyone else is undecided, although there are signs that those in the country by the time we leave will be granted an ‘amnesty’ to stay. One suggestion is that the right to move here after that will be granted only to those with a job offer.

Leaving took its toll on the pound, helping exporters in the short term, but making many of our favourite things more pricey. Holidaymakers in Europe have already seen holidays costing more, and Apple fans saw a £60 Brexit mark-up this autumn on the new iPhone 7. European wines and cars are expected to rise in price, and some reports have suggested we’ll need to apply for visas to visit, say, France or Italy. That seems unlikely, as other European countries outside the EU, such as Switzerland, don’t require them.